SPRINGFIELD — Gov. Deval Patrick, in providing $5.2 million on Thursday to allow completion of the University of Massachusetts satellite center at Tower Square, called it an essential investment in education and economic development.

Patrick was joined by local officials, business leaders and university officials in viewing the new center, under construction on the second floor of Tower Square.

The $5.2 million investment includes construction and all furnishings with the Springfield center scheduled to open this fall.

There is an incredible concentration of colleges and other educational institutions and “brain power” within an hour and 15 minutes of downtown Boston, Patrick said.

“Brain power is as important to our economy as oil is to Texas and corn is to Iowa,” Patrick said. “We have to cultivate it. That’s why we emphasize education and we invest in education.”

Mayor Domenic J. Sarno, among many speakers, praised Patrick for being a “great friend’ of education and of the city, and for his “stick-to-itness,’ of helping to bring the satellite center to Springfield.

A 26,000 square foot area is under full renovations for classrooms and offices, with the ability to double that space university President Robert L. Caret said.

There will be 40 courses offered in the fall including undergraduate, graduate and non-credit courses.

Sarno said there were people who said there would never be a University of Massachusetts center in Springfield, proven untrue by the commitment of Patrick, university officials and many others.

The center will include 10 large instructional rooms, including three nursing classrooms, one computer lab, two conference rooms, seven small meeting rooms and space for student counseling and public events and meetings, Caret said.

Henry M. Thomas III, chairman of the university’s Board of Trustees, said the center will serve students “from all walks of life” and help change those lives for the better.

The great space being provided at Tower Square matches the high quality of education the students will receive. The university is working in a collaborative effort with Springfield Technical Community College and Holyoke community College.

Roger Crandall, chairman, president and chief executive officer of MassMutual Financial Group, said the investment in the Springfield center is further evidence of “a very bright future in Spingfield.”